Budget 2024-25: Allocation of Rs 2 Lakh Crore for Education & Skilling a Game-Changer to Transform India by 2047
Keeping the youth’s aspirations at the centre of policy-making, Rs 1.48 lakh crore has been allocated to education, employment, and skilling in the fiscal year 2024-25.
Strengthening India’s credentials as the talent basket, skill hub, and solution provider for the world, the Prime Minister’s package of five schemes and initiatives in the 2024-25 Budget will facilitate employment, skilling and other opportunities for 4.1 Crore youth over a five-year period with a Central outlay of Rs 2 lakh Crore.
To further strengthen the skilling and apprenticeship ecosystem and provide skill development and internship opportunities for 1 crore youth by India’s top companies, the Prime Minister’s Package includes employment-linked incentives to first-time employees across sectors, incentives to both employees and employers for EPFO contributions and Model Skill Loans up to Rs 7.5 lakh to 25,000 students annually.
To help increased number of youth pursue higher education, education loans upto Rs 10 lakh will be given to 1 lakh students every year, with an annual interest subvention of 3% of loan amount, for higher education in domestic institutions.
Besides being a win-win for all stakeholders (students, academia, and industry), these comprehensive and concrete measures will fulfil the aspirations of our youth, empower people with more livelihood opportunities, increase accessibility to quality education and skills, and create over 4.1 crore new jobs in the next five years.
The Budget Allocation for the 2024-25 of Rs 73,498 Crore, an overall increase of Rs 12,024 Crore (19.56%), is the highest ever for the Department of School Education and Literacy. For Department of Higher Education, the overall Budget Allocation is Rs 47619.77 Crore which is an overall increase of Rs. 3525.15 Cr (7.99%).
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